The Company has completed 21 of the up to 59 proposed combined conventional rotary and core holes, for approximately 16,240 feet of drilling (Figure 1). The 2023 program is designed to increase the density of drill holes, in order to upgrade “Inferred” mineral resources (as determined by the
The drill core recovered from this phase of drilling has been split, logged, and sampled, and the samples have been submitted to
The Company is continuing to advance plans to reopen the underground mine workings in preparation for a potential restart of Tony M. This work program includes updating mine ventilation and escape plans, maintenance of the existing ventilation fans, surveying of the underground mine workings, rehabilitation of mine workings and ground support, and upgrading of utilities.
Figure 1: Plan view map of the
About
Tony M is located in eastern
Tony M has been estimated to contain the following mineral resources:
Table 1: Summary of Mineral Resources – Effective Date
Classification | Tons (short tons) | Grade (% eU3O8) | Contained Metal (lbs. eU3O8) |
Indicated | 1,185,000 | 0.28 | 6,606,000 |
Inferred | 404,000 | 0.27 | 2,218,000 |
Notes:
- Source: Technical Report on the
Tony M Project , Utah, USA Report for NI 43-101, prepared forConsolidated Uranium, Inc. bySLR International Corporation ;Mark B. Mathisen , Qualified Person, Effective DateSeptember 9, 2022 . - CIM (2014) definitions were followed for all Mineral Resource categories.
- Uranium Mineral Resources are estimated at a cut-off grade of 0.14% U3O8.
- The cut-off grade is calculated using a metal price of
$65 /lb U3O8. - No minimum mining width was used in determining Mineral Resources.
- Mineral Resources are based on a tonnage factory of 15 ft3/ton (Bulk density 0.0667 ton/ft3 or 2.14 t/m3).
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
- Past production (1979-2008) has been removed from the Mineral Resource.
- Totals may not add due to rounding.
- Mineral Resources are 100% attributable to CUR and are in situ.
Qualified Person
The scientific and technical information contained in this news release was reviewed and approved by
About
The Company is currently advancing its portfolio of permitted, past-producing conventional uranium and vanadium mines in
For More Information, Please Contact:
Chairman and CEO
pwilliams@consolidateduranium.com
Toll-Free: 1-833-572-2333
Twitter: @ConsolidatedUr
www.consolidateduranium.com
Neither
Cautionary Statement Regarding “Forward-Looking” Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to activities, events or developments that the Company expects or anticipates will or may occur in the future including, but not limited to, the anticipated results of the 2023 drill program; the goal of upgrading the classification of inferred mineral resources; plans to define the vanadium potential of the deposi;t the Company’s plans to restart Tony M; and the Company’s ongoing business plan, sampling, exploration and work programs. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof. Such forward-looking information and statements are based on numerous assumptions, including that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, reliance on key management and other personnel, potential downturns in economic conditions, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, and risks generally associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals and the risk factors with respect to
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aadd5c26-aaf6-46fe-9b70-07e27c7cd5d9
Figure 1
Plan view map of the Tony M Mine with 2023 drill holes
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